Encorium Group, Inc. Announces the Signing of a $2.0 Million Contract for Data Management Services for a Global Pharmaceutical Company
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Encorium Group, Inc. (Nasdaq: ENCO), a full-service multinational
contract research organization (CRO) that provides design, development,
and management capabilities for clinical trials and patient registries
to many of the world's leading pharmaceutical and biotechnology
companies, today announced the signing of an extension to an existing
contract for Global Data Management services valued at approximately
$2.0 million. A significant portion of the revenue from this contract
extension, which was signed during the fourth quarter, is expected to be
recognized during the first half of 2008 as services are performed.
Kenneth M. Borow, M.D., Encorium Group’s
President and Chief Executive Officer, commented, "This
contract extension is an excellent example of the value that Encorium’s
Global Data Management services brings to our Company and our clients.
It is especially noteworthy since it represents repeat business from one
of our largest customers. These services will be conducted in our
subsidiary in Estonia where we have significant data management
capabilities and a very beneficial cost structure. Importantly, this
press release is the first in a series of new business announcements
that we expect to make over the next several weeks.”
Kai Lindevall, M.D., Ph.D., Encorium Group’s
President, International Operations, Europe and Asia, commented, "This
contract extension is a continuation of a long standing customer
relationship with a leading global pharmaceutical company. I believe
that it reflects the high regard in which Encorium’s
Global Data Management operations is viewed by an important contributor
to the worldwide development of drugs and biologics.” About Encorium Group, Inc.
Encorium Group, Inc. is a global clinical research organization in the
design and management of complex clinical trials and Patient Registries
for the pharmaceutical, biotechnology and medical device industries. The
Company’s mission is to provide its clients
with high quality, full-service support for their biopharmaceutical and
medical device development programs. Encorium offers therapeutic
expertise, experienced team management and advanced technologies. The
Company has drug and biologics development as well as clinical trial
experience across a wide variety of therapeutic areas such as infectious
diseases, cardiovascular, vaccines, oncology, endocrinology/metabolism,
diabetes, gene therapy, immunology, neurology, gastroenterology,
dermatology, hepatology, women’s health and
respiratory medicine. Encorium believes that its expertise in the design
of complex clinical trials, its therapeutic experience and commitment to
excellence, and its application of innovative technologies, offer its
clients a means to more quickly and cost effectively move products
through the clinical development process. Encorium is headquartered in
Wayne, Pennsylvania with its European base of operations in Espoo,
Finland. The Company has a geographic footprint that includes over one
billion people in North America, Western/Central/Eastern Europe,
Scandinavia, and the Baltics.
This press release contains forward-looking statements identified by
words such as "estimate,” "project,” "expect,” "intend,” "believe,” "anticipate” and
similar expressions. Actual results might differ materially from those
projected in, expressed in or implied by the forward-looking statements.
Potential risks and uncertainties that could affect the Company's future
operating results and financial condition include, without limitation:
(i) our success in attracting new business and retaining existing
clients and projects; (ii) the size, duration, and timing of clinical
trials we are currently managing may change unexpectedly; (iii) the
termination, delay or cancellation of clinical trials we are currently
managing could cause revenues and cash-on-hand to decline unexpectedly;
(iv) the timing difference between our receipt of contract milestone or
scheduled payments and our incurring costs to manage these trials; (v)
outsourcing trends in the pharmaceutical, biotechnology and medical
device industries; (vi) the ability to maintain profit margins in a
competitive marketplace; (vii) our ability to attract and retain
qualified personnel; (viii) the sensitivity of our business to general
economic conditions; (ix) other economic, competitive, governmental and
technological factors affecting our operations, markets, products,
services and prices; (x) announced awards received from existing and
potential customers are not definitive until fully negotiated contracts
are executed by the parties;(xi) our backlog may not be indicative of
future revenues and may not generate the revenues expected;(xii) our
ability to successfully integrate the businesses of Encorium and
Remedium Oy which we acquired on November 1, 2006; and (xiii) the
performance of the combined business to operate successfully and
generate growth. You should not place any undue reliance on these
forward looking statements which speak only as of the date of this press
release. Additional information concerning factors that might affect our
business or stock price which could cause actual results to materially
differ from those in forward-looking statements is contained in Encorium
Group's SEC filings, including its Annual Report on Form 10-K for the
year ended December 31, 2006 and other periodic reports under the
Securities Exchange Act of 1934, as amended, copies of which are
available upon request from Encorium Group's investor relations
department or The Equity Group Inc.
